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Rand steadies ahead of manufacturing output data

At 0632 GMT, the rand traded at R12.7250 per dollar, not far off its close of R12.7150 on Wednesday.

Picture: Supplied

JOHANNESBURG - The rand steadied in early trade on Thursday as traders awaited April manufacturing data for evidence on the performance of the economy at the start of the second quarter after a surprising GDP contracting in the first quarter.

At 0632 GMT, the rand traded at R12.7250 per dollar, not far off its close of R12.7150 on Wednesday.

Statistics South Africa will publish April manufacturing figures at 1100 GMT, with economists polled by Reuters expecting a 1% year-on-year increase after output fell in March.

Data on Tuesday showed first-quarter gross domestic product (GDP) shrank 2.2%, led by a slowdown in agriculture, mining and manufacturing.

The yield for the benchmark government bond due in 2026 was up 2 basis points to 8.695%, reflecting weaker bond prices.

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